27 Jul 2016

Tonga bank loses licence

5:20 pm on 27 July 2016

Tonga's Reserve Bank has revoked the licence of the Pacific International Commercial Bank with immediate effect on Tuesday.

The Bank has not given any reason for the action it has taken but there have been attempts over the past six months to force Pacific International into liquidation.

The Chinese/Tongan venture was started in 2014.

The Reserve Bank has advised the public not to undertake any transactions with Pacific International.

Tonga Reserve Bank

Tonga Reserve Bank Photo: Kaniva Pacific

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